The UK is facing a challenge bigger than the COVID pandemic of 2019 and that is the cost of living crisis that we hear about in the media every day.
Prices for food have gone up across the board. Petrol prices have gone up to nearly £2.00 a litre. Utilities have all raised their prices. However wages remain the same as they always were.
How is this effecting your business? How is this effecting your household?
Netflix has seen a massive decline in over 200,000 subscribers in the first 3 months of 2022 as families cut back on their monthly costs.
Morrisons has lowered the prices on around 500 items (which is a good PR story for the newly acquired American owned food giant).
Restaurants will feel the impact as the cost of energy has shot up, and the cost of raw ingredients have also gone up.
We can only turn to the media to as why there is a cost of living crisis and this is blamed on the war in Ukraine and COVID.
Apparently the global lockdowns meant that all businesses, from computer chip manufacturers, building suppliers, PPE firms, manufacturing companies shut down for many months.
This slump is now causing a global shortage of many things, which will take time to return to a new normal.
Communication to customers is important if you want to see your business survive the cost of living crisis and emerge at the other end.
Are you increasing your prices?
Many companies are responding by either keeping their prices held, or increasing them to meet the shortfall.
Marketing is essential to your business surviving this crisis. Updating your website is important, as is using PR to get your message into the media.
Are you using a marketing agency to do these things, or are you thinking of using one?
We can help if you want to fill in the enquiry form.